NewEdge Wealth LLC Makes New $1.26 Million Investment in PennantPark Floating Rate Capital Ltd. $PFLT

NewEdge Wealth LLC bought a new stake in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 168,559 shares of the company’s stock, valued at approximately $1,261,000.

A number of other large investors have also recently bought and sold shares of the business. International Assets Investment Management LLC acquired a new stake in PennantPark Floating Rate Capital during the fourth quarter worth approximately $33,000. Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital during the second quarter worth $41,000. Quarry LP acquired a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth about $36,000. McIlrath & Eck LLC raised its stake in shares of PennantPark Floating Rate Capital by 177.9% in the first quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after purchasing an additional 3,002 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in PennantPark Floating Rate Capital during the 2nd quarter valued at $55,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Stock Up 0.3%

Shares of PennantPark Floating Rate Capital stock opened at $7.39 on Friday. The stock has a market capitalization of $733.24 million, a price-to-earnings ratio of 14.49 and a beta of 0.76. PennantPark Floating Rate Capital Ltd. has a 52-week low of $6.83 and a 52-week high of $10.30. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.19 and a current ratio of 0.19. The company’s 50 day moving average price is $7.28 and its 200-day moving average price is $8.05.

PennantPark Floating Rate Capital (NYSE:PFLT) last released its quarterly earnings data on Monday, August 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). PennantPark Floating Rate Capital had a net margin of 18.53% and a return on equity of 10.24%. The firm had revenue of $22.73 million during the quarter. Equities research analysts forecast that PennantPark Floating Rate Capital Ltd. will post 1.06 EPS for the current year.

PennantPark Floating Rate Capital Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a yield of 13.0%. The ex-dividend date of this dividend is Friday, August 14th. PennantPark Floating Rate Capital’s payout ratio is presently 188.24%.

Analysts Set New Price Targets

A number of brokerages recently commented on PFLT. Truist Financial dropped their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Zacks Research upgraded shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, PennantPark Floating Rate Capital has an average rating of “Moderate Buy” and an average price target of $9.80.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.